logo
Plus   Neg
Share
Email

Gains May Accelerate For Thai Stock Market

The Thai stock market has finished higher in four straight sessions, collecting almost 35 points or 2.2 percent along the way. The Stock Exchange of Thailand remains just beneath the 1,655-point plateau and it may move higher again on Monday.

The global forecast for the Asian markets is positive on an improved outlook for interest rates and a surge in crude oil prices. The European and U.S. markets were up on Friday and the Asian markets are tipped to follow that lead.

The SET finished barely higher on Friday as gains from the energy producers were offset by weakness from the financial sector.

For the day, the index added 0.09 points or 0.01 percent to finish at 1,653.50 after trading between 1,650.30 and 1,658.93. Volume was 11.470 billion shares worth 36.707 billion baht. There were 663 decliners and 605 gainers, with 544 stocks finishing unchanged.

Among the actives, Thailand Airport jumped 1.54 percent, while Bangkok Bank shed 0.50 percent, BTS Group tumbled 1.71 percent, Kasikornbank lost 0.78 percent, Krung Thai Bank skidded 1.03 percent, PTT Global Chemical climbed 1.23 percent, Siam Commercial Bank dropped 1.13 percent, Siam Concrete fell 0.43 percent, TMB Bank sank 0.52 percent and PTT, PTT Exploration and Production, Charoen Pokphand Foods, Advanced Info, Banpu, Bangkok Medical and Bangkok Expressway all were unchanged.

The lead from Wall Street is solid as stocks extended recent gains, moving sharply higher on Friday.

The Dow climbed 263.28 points or 1.02 percent, while the NASDAQ spiked 126.55 points or 1.66 percent to 7,742.10 and the S&P 500 rose 29.85 points or 1.05 percent to 2,873.34. For the week, the Dow surged 4.7 percent, the NASDAQ jumped 3.9 percent and the S&P was up 4.4 percent.

The continued strength on Wall Street reflected optimism that disappointing U.S. jobs data could spur the Federal Reserve to lower interest rates in the near future. The Labor Department's closely watched monthly jobs report showed a substantial slowdown in the pace of U.S. job growth in May.

Stocks remained firmly positive after President Donald Trump said there is a good chance the U.S. and Mexico will reach an agreement to avert his threatened 5 percent tariff on all Mexican imports.

Crude oil futures ended sharply higher for a second straight session on Friday, amid signs OPEC will extend output cuts beyond June. West Texas Intermediate crude oil futures for July ended up $1.40 or 2.7 percent at $53.99 a barrel.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT
>